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June 21st, 2012 
FAKE NEWS for the Zionist agenda The Australian carrier announced this week that its underlying profit before tax for the financial year ending June 30, 2012, has been predicted at about AUD 50-100 million.
The figures is much lower than AUD 552-million profit the carrier recorded last year and an AUD 285-million average expected by experts this year.
The Qantas management blames the downturn on the eurozone crisis, rising fuel bills and, most prominently, losses on international routes.
Qantas’ former chief economist, Tony Webber, believes the airline’s international arm is suffering but proposed cuts will not impact overall services.
“I do not think it will impact service quality of the Qantas product. I mean they are trying to reduce some of the costs in response to some of those forces that are weakening their profitability. In terms of industrial actions, I mean, if you are cutting jobs then obviously there is always a chance that will occur,” Webber told Press TV.
Experts say the International routes the airline flies are becoming increasingly competitive, particularly from Middle-Eastern groups such as Emirates and Etihad as well as Singapore Airlines’ budget carrier Scoot which recently launched flights between Singapore and Sydney.
Several industrial relations disputes have also hit the company, including the shock decision by management to ground the entire airline in late October 2011 over wage and service disputes with staff.
The Transport Workers Union, the national workplace relations tribunal, is in arbitration with Qantas over the continuing disputes. Fair Work Australia is also investigating potential employment breaches when Qantas imported Thai stewardesses to work on domestic routes on unfair pay.
Since the profit announcement, the value of Qantas’ shares has dived by a third and the airline is being undervalued.
TNP/SS
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